Takeaways
Kraken successfully returned Bitcoin and Bitcoin Cash to Mt. Gox customers.
The recovery is part of efforts to resolve the 2014 Mt. Gox hack.
Other exchanges involved include Bitstamp, SBI VC Trade, Bitbank, and Coincheck.
In a monumental development for the crypto community, Kraken has announced the successful distribution of Bitcoin and Bitcoin Cash to customers impacted by the infamous Mt. Gox hack, which took place a decade ago. “It’s been nearly a decade since Kraken was selected by the Trustee to facilitate the investigation and return of client funds,” stated Kraken’s CEO Dave Ripley.
Kraken’s role in this complex restitution process underscores a critical chapter in the Mt. Gox saga. The hack, which resulted in the loss of 850,000 Bitcoins, led to the collapse of what was once the world’s largest cryptocurrency exchange.
The exact amount returned to Mt. Gox customers by Kraken remains undisclosed, but this move marks significant progress. Alongside Kraken, other crypto exchanges such as Bitstamp, SBI VC Trade, Bitbank, and Coincheck are also responsible for returning the remaining customer funds. Blockchain analytics firm Arkham Intelligence reported that Mt. Gox has recently moved $2.85 billion worth of Bitcoin, with $340 million directed to Bitstamp addresses.
Despite the significant recovery efforts, only 140,000 of the 850,000 stolen Bitcoins have been reclaimed. A 2021 rehabilitation proposal promised to reimburse approximately 90% of the owed assets. Mt. Gox’s downfall serves as a reminder of the importance of security in the rapidly evolving crypto landscape.
Source: Decrypt
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